财联社12月17日电，网宿科技公告，为促进公司云服务（MSP）业务发展，控股子公司Cloudsway拟向 Megaverse及其核心员工发行616,924股新股，其中Megaverse拟认购468,538股，Cloudsway核心员工拟认 购148,386股。 ...

那我们开展今天晚上会议的背景呢会是基于季节背包在过去这一年里面其实无论在产品产品还是在流量方面那都是在逐渐的加速与国内的这个AI的厂商甚至于国际的AI厂商的那条差距所以基于我们对未来AI产业的以及对季节AI包括做装饰的这个前景的看好我们在上阵延续组织了AI和季节的生态对话会议那今天的会议的目标也是结合我们的这个季节的框架 在接下来重点推荐的地结生态的核心专利,依次进行电话会议的深度的汇报。首先来第一个,网速科技的核心逻辑,它是全球cp能口,AI主要会涉以地结AI的驱动的全球流量市场份额的程序,以及AI端测发展带来的高火热度流量中端的潜力增长。 我们预计的话季节的市场份额有望随着整个网络的市场份额有望随着季节在流量区的市场份额也有望进一步的提升同时在专侧的这个AI的这个终端的这个增长以及大模型在专侧的这个赋能未来专侧的这个流量有望在过去移动互联网手机侧的这种技术上迎来一个更大的这个市场空间所以举此的话我们看好网络科技在未来AI大模型下的这个行业机会 那下面我们的整个报告来正式展开大概整个语言包含四个部分第一个就是解释我们的深度对于公司的整个背景情况 基础情况对于2024年来看它的一个目前的基本情况作为一个大致的 ...

证券代码： 300017 证券简称：网宿科技 网宿科技股份有限公司投资者关系活动记录表 编号：2024-006 | --- | --- | --- | |----------------------------------------|---------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动 \n类别 \n参与单位名称及 | □ 特定对象调研 \n□ 媒体采访 \n□ 新闻发布会 \n□ 现场参观 \n□ 其他 投资者网上提问 | □ 分析师会议 \n √ 业绩说明会 \n □ 路演活动 \n（请文字说明其他活动内容） | | | | | | 人员姓名 | | | | 时间 地点 | 2024 ...

[Table_MainInfo] 公司研究/通讯服务 证券研究报告 网宿科技（300017）公司季报点评 2024 年 11 月 05 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------|-------------| | 股票数据 | | | 11 [ Table_StockInfo 月 05 日收盘价（元） ] | 9.52 | | 52 周股价波动（元） | 6.37-11.54 | | 总股本 / 流通 A 股（百万股） | 2441/2283 | | 总市值 / 流通市值（百万元） | 23238/21736 | | 相关研究 | | | [Table_ReportInfo] 《营收保持韧性，盈利能力持续改善》 | | | 2024.08.26 | | | 《盈利能力改善明显，出海战略卓有成效》 | | | 2024.05.08 | | 市场表现 [Table_QuoteInfo] -14.18% -0.18% 13.82% 27.82% 4 ...

近一月换手（%） 6.25 2024 年 10 月 27 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 剔除汇兑后业绩快速增长，受益"CDN+AI+出 海"发展 ——网宿科技（300017）2024 年三季报点评 最近一年走势 事件: 10 月 26 日，公司发布 2024 年三季报： 2024 年前三季度，公司营收 36.10 亿元，同比+2.64%；归母净利润 4.29 亿元，同比+0.79%；剔除汇兑损益影响后，净利润 4.58 亿元，同比 +22.99%。 2024Q3，公司营收 13.10 亿元，同比+9.99%；归母净利润为 1.32 亿元， 同比-21.30%；剔除汇兑损益影响后，净利润 1.74 亿元，环比+15.31%。 投资要点: 相对沪深 300 表现 2024/10/25 表现 1M 3M 12M 公司推动业务高质量发展，深化海外市场服务 网宿科技 31.0% 30.4% 38.7% 公司继续聚焦主业，积极布局 AI 算力。公司发展 CDN 及边缘计算、 安全两大核心业务以 ...

网宿科技（300017.SZ）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 经营稳健，围绕 DCI"多点开花" 2024 年 10 月 26 日 ➢ 网宿科技发布 2024 年三季度业绩。2024 年 10 月 25 日，网宿科技发布 2024 年三季报，公司实现收入 36.1 亿元，同比增长 2.6%；实现归母净利润 4.3 亿元，同比增长 0.8%。单季度看，公司 3Q24 实现收入 13.1 亿元，同比增长 10.0%；实现归母净利润 1.3 亿元，同比下滑 21.3%。 ➢ 剔除汇兑及处置子公司股权收益影响，公司核心净利润仍实现增长。3Q24 公司产生汇兑损失 4161 万元，上年同期汇兑损失约 753 万元，我们同时剔除 3Q23 处置 CDN-VIDEO LLC 股权产生收益，3Q24 公司核心净利润约 1.7 亿 元，同比增长近 28%。 ➢ 海外巨头纷纷布局 DCI，东南亚流量有望持续焕发活力。根据 CDCC，字节 目前已投资约 154 亿元在马来西亚打造人工智能中心，同时旗下 BytePlus 部门 正考虑于 2025 年在泰国建立一个数据中心，提供基于云和 A ...

Revenue and Profit Performance - Revenue for the third quarter reached 1,309,589,746.20 yuan, a 9.99% increase year-over-year[3] - Net profit attributable to shareholders decreased by 21.30% to 131,846,277.35 yuan in the third quarter[3] - Revenue for the first three quarters of 2024 reached 3,609.7985 million yuan, a year-on-year increase of 2.64%[15] - Gross profit for the first three quarters of 2024 was 1,099.2169 million yuan, up 1.91% year-on-year[15] - Net profit attributable to shareholders for the first three quarters of 2024 was 429.0577 million yuan, a year-on-year increase of 0.79%[15] - Revenue for Q3 2024 was 1,309.5897 million yuan, a quarter-on-quarter increase of 10.97%[15] - Gross profit for Q3 2024 was 369.3744 million yuan, up 3.55% quarter-on-quarter[15] - Net profit attributable to shareholders for Q3 2024 was 131.8463 million yuan, a quarter-on-quarter decrease of 16.94%[15] - Total operating revenue for the current period is 3,609,798,538.24 yuan, an increase from 3,517,081,319.69 yuan in the previous period[33] - Net profit attributable to the parent company's shareholders is 429,057,655.55 yuan, compared to 425,701,371.06 yuan in the previous period[34] - Total comprehensive income for the current period is 451,968,519.91 yuan, up from 440,691,929.24 yuan in the previous period[35] - Basic earnings per share for the current period is 0.1770, compared to 0.1759 in the previous period[35] - Diluted earnings per share for the current period is 0.1754, compared to 0.1744 in the previous period[35] Asset and Liability Changes - Total assets increased by 9.26% to 11,984,455,494.60 yuan compared to the end of the previous year[3] - Short-term borrowings increased by 1051.56% compared to the beginning of the year, mainly due to new bank loans[7] - Inventory balance increased by 48.08% compared to the beginning of the year, driven by higher procurement[7] - Construction in progress increased by 84.58% compared to the beginning of the year, due to the purchase of construction materials[7] - As of September 30, 2024, the company's monetary funds amounted to 1,973,091,410.60 yuan, an increase from 1,831,647,423.82 yuan at the beginning of the period[30] - The company's total assets as of September 30, 2024, were 11,984,455,494.60 yuan, compared to 10,968,682,487.07 yuan at the beginning of the period[31] - Total owner's equity is 9,786,997,971.19 yuan, slightly down from 9,788,762,415.05 yuan in the previous period[32] - Total liabilities and owner's equity amount to 11,984,455,494.60 yuan, up from 10,968,682,487.07 yuan in the previous period[32] Financial Expenses and Investment Income - Financial expenses increased by 51.63% in the first three quarters, mainly due to foreign exchange losses of 29.2171 million yuan[9] - Investment income decreased by 39.82% in the first three quarters, primarily due to the absence of a one-time gain from the disposal of CDN-VIDEO LLC in the previous year[9] - Asset disposal income increased by 1777.07% in the first three quarters, driven by higher gains from the disposal of non-current assets[9] - Exchange rate fluctuations caused a foreign exchange loss of 41.6136 million yuan in Q3 2024[15] - Cumulative foreign exchange loss for the first three quarters of 2024 was 29.2171 million yuan[15] - Excluding foreign exchange losses, net profit attributable to shareholders for Q3 2024 would have been 173.4599 million yuan, a quarter-on-quarter increase of 15.31%[15] - Excluding foreign exchange losses, net profit attributable to shareholders for the first three quarters of 2024 would have been 458.2748 million yuan, a year-on-year increase of 22.99%[15] - Financial expenses for the current period are -72,056,310.66 yuan, compared to -148,967,405.50 yuan in the previous period[33] - Fair value change income for the current period is 53,631,510.11 yuan, up from 42,798,798.90 yuan in the previous period[34] Cash Flow and Financing Activities - Net cash flow from financing activities increased by 427.59% year-over-year, primarily due to increased bank borrowings[10] - Operating cash flow increased to 757,248,989.95 yuan, up 5.1% YoY from 720,624,412.92 yuan[36] - Sales revenue from goods and services decreased slightly to 3,798,066,926.60 yuan, down 2.1% YoY from 3,877,659,212.71 yuan[36] - Cash received from tax refunds dropped significantly to 1,254,132.68 yuan, down 83% YoY from 7,359,517.65 yuan[36] - Cash received from other operating activities rose to 105,952,880.62 yuan, up 47.5% YoY from 71,846,183.05 yuan[36] - Cash outflow for purchasing goods and services decreased to 2,215,115,563.59 yuan, down 5.2% YoY from 2,336,605,387.87 yuan[36] - Investment cash inflow decreased to 4,246,340,008.72 yuan, down 31.2% YoY from 6,169,126,143.77 yuan[37] - Cash outflow for investments increased to 5,083,847,383.38 yuan, up 29.9% YoY from 7,250,383,290.96 yuan[37] - Net cash flow from financing activities surged to 312,692,414.45 yuan, up 427.6% YoY from 59,268,250.34 yuan[37] - Cash and cash equivalents at the end of the period stood at 1,498,902,406.34 yuan, up 14.2% YoY from 1,312,509,728.70 yuan[37] Share Repurchase and Incentive Plans - The company repurchased and canceled 665,825 restricted shares at a price of 3.81 yuan per share, totaling 2,536,793.25 yuan[16] - 173 incentive recipients were granted 5,560,880 stock options in the fourth exercise period, and 148 incentive recipients were granted 4,360,700 restricted shares in the fourth unlocking period[16] - The company canceled 678,568 stock options that expired unexercised in the third exercise period[16] - The company canceled 527,500 second-class restricted shares that were granted but not yet vested, and 240 incentive recipients were granted 15,380,000 second-class restricted shares in the first vesting period[17][18] - The actual amortization cost of the 2020 stock option and restricted stock incentive plan in Q3 2024 was -3.7143 million yuan, with a cumulative amortization cost of 120.1185 million yuan[17] - The actual amortization cost of the 2023 restricted stock incentive plan in Q3 2024 was 16.6453 million yuan, with a cumulative amortization cost of 85.9167 million yuan[18] - The remaining cost of the 2023 restricted stock incentive plan is 27.4858 million yuan, with 7.2543 million yuan to be recognized in 2024 (October-December) and 20.2315 million yuan in 2025[18] Financial Investments and Credit Lines - The company and its subsidiaries are authorized to use up to 5 billion yuan of idle funds to purchase medium and low-risk financial products[20] - The company invested 50 million yuan in a structured deposit with Ningbo Bank, with an expected annualized return rate of 1.5%-2.8% and an expected return of 628,800-1,173,700 yuan[21] - The company invested 50 million yuan in a structured deposit with China Merchants Bank, with an actual return of 192,200 yuan and an annualized return rate of 1.85%-2.3%[22] - The company entered into a currency swap agreement with a bank, with an initial investment amount of 16,267.93 million yuan, accounting for 1.70% of the company's net assets at the end of the reporting period, and recorded a fair value change loss of 273.43 million yuan[23] - The company applied for a comprehensive credit line from multiple banks, including Shanghai Bank, China Merchants Bank, and Industrial and Commercial Bank of China, with the credit period extended to one year from the date of approval by the board[24] Audit and Financial Management - The company decided to continue appointing ShineWing Certified Public Accountants as its financial and internal control audit institution for the year 2024[25] - The company closed a dedicated settlement account for cash management of idle raised funds at Guangfa Bank Shanghai Waitan Branch, as the cash management products had matured and there were no further plans for use[26] - The company changed the implementation entity of the "Cloud Security Platform Upgrade Project" from the company and its subsidiaries to the company and Xiamen Wangsu Co., Ltd., excluding Hong Kong Shenjia Technology Co., Ltd.[27] - The company provided a maximum of 600 million yuan in joint liability guarantee for its wholly-owned subsidiary Xiamen Wangsu's credit agreement with China Merchants Bank Shanghai Branch[29] Research and Development Expenses - Research and development expenses for the current period are 334,679,326.34 yuan, a decrease from 350,610,572.03 yuan in the previous period[33] Miscellaneous - The company's Q3 report was unaudited[38]

证券代码：300017 证券简称：网宿科技 网宿科技股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |-----------------------------|-------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------| | | | | 编号： 2024-005 | | 投资者关系活动 | □ 特定对象调研 | □ 分析师会议 | | | 类别 | □ 媒体采访 | √ 业绩说明会 | | | | □ 新闻发布会 | □ 路演活动 | | | | □ 现场参观 □ 其他 | （请文字说明其他活动内容） | | | 参与单位名称及 人员姓名 | 线上参 ...

证券研究报告 IT服务Ⅱ 2024年09月12日 评级：买入(首次覆盖) 网宿科技(300017.SZ)公司报告 CDN护城河持续拓宽，AI、出海驱动业务成长 刘熹(证券分析师) S0350523040001 liux10@ghzq.com.cn | --- | --- | --- | --- | |-------|------------------|--------------------|------------| | | | | | | | 最近一年走势 | 市场数据 | 2024/09/12 | | 61% | 网宿科技 沪深300 | 当前价格（元） | 6.68 | | | | 52周价格区间（元） | 6.26-11.54 | | 45% | | 总市值（百万） | 16,305.80 | | 28% | | 流通市值（百万） | 15,251.91 | | 12% | | 总股本（万股） | 244,098.82 | | | | 流通股本（万股） | 228,322.00 | | -5% | | 日均成交额（百万） | 239.84 | | -21% | | 近一月换手（%） | 1.36 ...

Investment Rating - The report maintains a "Recommend" rating for the company, with a target price of 7.05 yuan as of August 20, 2024 [2][3] Core Views - The company's overseas growth trend remains strong, with a focus on expanding its competitive advantage in international markets, particularly in Southeast Asia [2] - The company is deepening its presence in edge computing and security services, aligning with the "14th Five-Year Plan" and the growing demand for digital transformation [2] - The company is actively embracing AIGC (Artificial Intelligence Generated Content) and integrating AI into its product development and operational processes [2] - The report forecasts net profit attributable to the parent company of 630 million yuan, 720 million yuan, and 830 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 27x, 24x, and 21x [2][3] Financial Performance Summary - In 1H24, the company achieved revenue of 2.30 billion yuan, a slight decrease of 1.1% YoY, while gross profit increased by 5.3% YoY to 730 million yuan [2] - Net profit attributable to the parent company grew by 15.1% YoY to 297 million yuan, with non-GAAP net profit increasing by 14.7% YoY to 213 million yuan [2] - In 2Q24, revenue increased by 1.9% YoY and 5.4% QoQ to 1.18 billion yuan, with net profit attributable to the parent company rising by 14.6% QoQ to 159 million yuan [2] Business Highlights - Overseas CDN projects contributed a profit of 71.78 million yuan in 1H24, driven by the company's global node resources and self-developed technology platform [2] - The company's CDN and edge computing business saw a 1.95 percentage point increase in gross margin in 1H24, supported by ongoing investments in platform construction and node upgrades [2] - The cloud security business generated a profit of 25.82 million yuan in 1H24, with the company continuing to expand its security solutions and promote overseas security services [2] Financial Forecasts - Revenue is expected to grow by 11.8% in 2024 to 5.26 billion yuan, with further growth of 11.8% and 8.1% projected for 2025 and 2026, respectively [3][6] - Net profit attributable to the parent company is forecasted to increase by 2.3% in 2024 to 627 million yuan, followed by growth of 14.0% and 15.9% in 2025 and 2026, respectively [3][6] - The company's gross margin is expected to remain stable, with forecasts of 33.44%, 33.58%, and 33.85% for 2024, 2025, and 2026, respectively [6] Valuation Metrics - The company's P/E ratio is projected to decline from 27x in 2024 to 21x in 2026, reflecting expected earnings growth [3][7] - The P/B ratio is forecasted to remain steady at 1.8x in 2024 and 2025, before slightly decreasing to 1.7x in 2026 [7] - The EV/EBITDA ratio is expected to decrease from 18.62x in 2024 to 15.75x in 2026, indicating improving valuation metrics [7]